Colombo, Sri Lanka
Hostile Takeover of PLC
SCI led a group of individuals acting in concert on the hostile acquisition of a listed company. Three months of due-diligence culminated in acquiring a mandatory stake in the listing company and placing an enjoining order in the commercial high court until good governance was implemented and a new board was elected. After acquiring the initial stake, SCI advised on the subsequent mandatory offer and its underwriting. The company was acquired for its outstanding underlying assets which were grossly undervalued through its share price.